Standard & Poor’s said Thursday it has placed ratings for Sony Corp. and its affiliates on credit watch with negative implications.
The action follows Sony’s downward revision to its fiscal 2005 earnings forecast last week.
The ratings include Sony’s “A” long-term and “A-1” short-term corporate credit ratings and the “A-plus” long-term counterparty and financial strength ratings on Sony Life Insurance Co.
Sony cut its earnings forecast for the current business year due to the poor performance of its key television business, which has been plagued by weak sales and greater-than-expected falls in market prices.
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